National Republican., 1887-03-29
ATWOOD MINING COMPANY.
Shakespeare Mineral Camp, Grant
County, N. Mex.

Mr.. w. $. Morrow, OF Chambersburg,
organization Of mining companies in adopt
ing the plan Of the Standard Oil Company,
by which only per cent. Of the stock can
he called In any year, and the "calls' can
only be made for five years. Struck by the
novelty Of the plan o reporter called on Mr..
Morrow and asked him to explain his idea
aud tell something about his mining prop
critics.
Mr.. Morrow said 1.-THE Shakespeare
mining camp was fret discovered and ex-
amined by Prof. w. d. Brown, OF San
francisco, in 1872, he then being in the
employ Of Mr.. Ralston, of the Bank of
California. The death Of Mr.. Ralston and
the financial panic Of 1873 prevented any.
thing being done until 1877, when a number
Of mineral locations were made, including
those now owned by the Atwood Mining
Company. This company, after years of
prospecting, was organized In July, 1889,
and work commenced at once. Two shafts
We're sunk, one PIG feet and the other 131
feet deep, and drafts and cross cuts made
at various levels to the extent Of $50 feet.
Five car loads containing sixty tons OF the
ores taken from these workings were
sent to the smelling works at Denver,
and produced $2,90l, from which, deduct
ing the freight and smelling charges, $GO3
there was left 81, 1856, or S39.15 per ton.
ut is estimated that there are now 20, 900
tons Of such ore In the dumps ready for re.
duction as soon as works can be erected, as
the company does not propose to pay $40
per ton in freight and smelling charges,
when the smelling can be done more
cheaply Mt the mines than at Denver, and
the freight can be saved entirely. Mr..
Stevens, the mining engineer in charge, re-
Vtc hat harn f.n Of H..
sightm on the 200 foot level.
"llere is letter of Mar. II have received
from Mr.. Griffith, the Cornish miner, now
taking care OF the mine. You see, he says.
III you have bought the property, allow
me to congratulate you on your good for
tune. You have good property-one that
will yield millions of dollars. The mine Is
in such condition that all you have to do
is TO put the rope on the drum and you can
commence work. Here Is q letter from
Mr.. J.. L. Lombard, from whom purchased
the mine. He says: Il would be glad to
subscribe for some Of the stock, and per.
haps could get some Of the late owners to
subscribe, as they know the mine is good.
AT first look at your prospectus
one would say your capital stock was too
large, but on reading the basis 1t seems to
be new departure, and IL is, when fairly
understood, an excellent idea, ,.and one safe
for any one to embark in.'"
"Well," said the reporter, "you have told
us OF the mine. what about your plan, the
new idea which Mr.. Lombard speaks of ?"
"Oh," said Mr.. Morrow, ~ borrowed
that from the Standard OIL Company. The
shares of stock have par value Of ten dol
lars. The stockholder pays one per cent.
when he gets bis stock, and can only be called
upon for one per cent. each year for five
years, That is ,ttty cents IN all, paid in five
years, and he then owns share of ull.paid
efnnl worth ,lp1laru fp otr ,,I
enough and easily seen.n
"What are your plans Of procedure?n
"Well, l shall go to the mines by the 1st
of May and start the work at once. / pro-
pose to put smelling works up and reduce
the ores right on the spot, with the money
provided by the stock. / shall take options
on other mining properties which | can ex-
on the Atwood, and shall do this myself,
as am the first president of mining COM
paDy who is himself a practical miner, and
] have been at the business thirty five
years"
"Who are the gentlemen associated with
you in this companyW
"Mr. Sherman, the treasurer, is one Of the
proprietors Of the Carrollton Hotel, in Bal
timore; Mr., j. NJ. Jones, the secretary, has
been secretary of the Grand Lodge OF Odd
Fellows OF the United States for twenty
seven years; Messrs. Goodwin and Wilson,
of the directors, are Baltimore railway con-
tractors; Mr.. McGary is manufacturer,
MIR. Coffee is director of the Farmers
National Bank at Carlisle, Pa, and Mr..
Hemmingway is an eminent surgeon and
physician of Carlisle"
swell, Mr.. Morrow, you think the AT
wood will be great success!"
81 believe the stock will sell at par before
two payments Of / per cent. each are made
on IT," and with that belief plainly ex-
pressed on his face, Mr.. Morrow hurried of
10 [ fnl,n q tho irnin